Freedom Mortgage Hiring 500 Employees for Possible FHA Surge

Freedom Mortgage will hire 500 additional employees to accommodate an anticipated increase in Federal Housing Administration refinance and purchase transactions.

The Mount Laurel, N.J.-based lender is expecting to need the additional staff after the Federal Housing Administration implemented a 50-basis-point cut to its annual mortgage insurance premiums.

Freedom Mortgage wants to bring in more loan officers, loan processors and support personnel since many more borrowers will now qualify for FHA loans or be able to refinance their current loan.

"This reduction in MIP rate is a very significant development for housing and the economy," said Stanley Middleman, president and chief executive of Freedom Mortgage, in a press release. "New homebuyers inject life into the economy and create jobs, and lower monthly payments from refinancing result in greater spendable income in every sector. As we expect many Americans to take advantage of the MIP rate reduction we intend to be ready for a surge in volume."

The company hosted a job fair on Wednesday for prospective loan officers in Jacksonville, Fla. Another job fair is planned for Jan. 22 in Mount Laurel.

More than 2,300 people currently work at Freedom Mortgage, which is licensed to originate mortgages nationwide.